Campbell Soup Co. is considering making a 1.5 billion pound ($2.3 billion) break up bid for Britain's United Biscuits, the Sunday Times reported. Campbell is looking to buy only the biscuit-making operations, which account for about three quarters of UB, and is less interested in the snacks business, the paper reported.

Private equity firms Blackstone Group LP and PAI Partners, which acquired United Biscuits in 2006, are considering selling the company for more than 2 billion pounds, Reuters had reported in July. Blackstone and PAI are willing to consider separate offers for the biscuits division due to the lack of interest in the entire company, the Sunday Times reported.